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Started By
Message
6 of 8 oil-producing states in recession
Posted on 1/24/17 at 10:09 am
Posted on 1/24/17 at 10:09 am
LINK
Regardless of what Obama did or what Trump might do, should Louisiana rely so heavily on such a volatile industry? Does it have any other choice? It seems when it's good it's REALLY good. But when it's down it drags us into a recession.
I know I'm a liberal cuck by this website's standards but these are honest questions.
Regardless of what Obama did or what Trump might do, should Louisiana rely so heavily on such a volatile industry? Does it have any other choice? It seems when it's good it's REALLY good. But when it's down it drags us into a recession.
I know I'm a liberal cuck by this website's standards but these are honest questions.
quote:
Louisiana Oil's struggles have pummeled the state's budget, with forecasters recently projecting a $300 million decrease in revenue "as ongoing employment weakness in the oil industry has continued to affect individual and corporate income tax collections," S&P reported. Although the state's offshore oil rigs are more resilient than easy-to-set-up-and-shut-down shale drilling projects in other parts of the country, the job outlook remains tepid. "Although oil prices have somewhat rebounded, state officials report that in order for the employment situation to improve, a long-term bounce in production is required," S&P reported.
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Posted on 1/24/17 at 10:11 am to Superior Pariah
Louisiana has nothing else. Unless you cut taxes bigly to encourage business growth.
Our shithead governor wont do that though
Our shithead governor wont do that though
Posted on 1/24/17 at 10:11 am to Superior Pariah
From a tax revenue standpoint absolutely not. But hey it's Louisiana. We obviously invest wisely. Look at our killer infrastructure & roads.
Posted on 1/24/17 at 10:13 am to Cosmo
quote:
Louisiana has nothing else. Unless you cut taxes bigly to encourage business growth.
Yep
Posted on 1/24/17 at 10:13 am to BeerMoney
Posted on 1/24/17 at 10:13 am to Superior Pariah
What do you mean should LOUISIANA rely on such a volatile industry? What else do we have?
Posted on 1/24/17 at 10:17 am to Cosmo
quote:
Louisiana has nothing else. Unless you cut taxes bigly to encourage business growth.
Yep
quote:
Our shithead governor wont do that though
Yep
At least we have a pro-business White House now. Oil's coming back
Posted on 1/24/17 at 10:17 am to Ed Osteen
quote:
What else do we have?
Shrimp boats!
Posted on 1/24/17 at 10:18 am to Ed Osteen
quote:
What do you mean should LOUISIANA rely on such a volatile industry? What else do we have?
Other states have all those, whachacallem, "Fortune 500" companies, why don't we just get some of those?
quote:
At least we have a pro-business White House now. Oil's coming back
Oil has been a volatile commodity since Edwin Drake drilled his first well in 1859. The White House has shite-all to do with it.
This post was edited on 1/24/17 at 10:23 am
Posted on 1/24/17 at 10:18 am to mofungoo
And that's great and all but what if in 4 or 8 years we elect a Democrat and oil production gets shut down again? Louisiana is back in the same boat.
Posted on 1/24/17 at 10:18 am to TheCaterpillar
We should abandon the down stream industry and invest in sugar cane, shrimping, and white boot sales
Posted on 1/24/17 at 10:19 am to Ed Osteen
quote:
What else do we have?
Tabasco sauce!
Posted on 1/24/17 at 10:20 am to Superior Pariah
A smart hedging strategy would reduce the impact of state revenue volatility significantly, but something tells me Louisiana's financial management isn't into that sort of thing.
This post was edited on 1/24/17 at 10:21 am
Posted on 1/24/17 at 10:21 am to Ed Osteen
He state shouldnt be setting the busget based on he oil price... It should be setting the budget based on what it costs to run the government efficiently.
Posted on 1/24/17 at 10:22 am to Ed Osteen
quote:
What else do we have?
Tourism/ Hotel Revenue (NOLA only)
Tony Chacere's
CenturyLink
Posted on 1/24/17 at 10:22 am to AbuTheMonkey
quote:
A smart hedging strategy would reduce the impact of state revenue volatility significantly, but something tells me Louisiana's financial management isn't into that sort of thing.
Dramatically reduce corporate taxes in the tech industry to nationwide lows as incentive to put up shop in Louisiana. Then invest in fiber internet and allow office space to be written off on taxes for new businesses in the tech industry.
Something like that.
Posted on 1/24/17 at 10:23 am to diat150
You think Louisiana has any clue what it costs to run an efficient government? We are paying millions to run traffic light "studies"
This post was edited on 1/24/17 at 10:23 am
Posted on 1/24/17 at 10:24 am to diat150
Louisiana could be one of the richest states in the union if our leaders back in the day would've stood their ground and demanded "fair" compensation for offshore drilling revenues.
Instead, they made deals for themselves and screwed the state for an eternity. Life in Louisiana.
Instead, they made deals for themselves and screwed the state for an eternity. Life in Louisiana.
Posted on 1/24/17 at 10:26 am to Cosmo
All of our eggs are in this basket. As we who reside in south Louisiana know all too well, then that basket is full, we're all full too. When it's empty....mais la! And for those who aren't familiar with the economy of the Gulf Rim...there is little diversification outside of the major metropolitan areas of Houston, New Orleans, Biloxi, Birmingham, or Atlanta. Cajun Country lives, and dies, with the oil patch. And every business filters from that.
Posted on 1/24/17 at 10:27 am to Superior Pariah
Diversify. Grow more cotton.
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